Is mininG still profitable these days and which coins are mainly mined except for bitcoin and bitcoin cash etc.
How much can one mine a day based on rig and cost?
These may be stupid questions but appreciate any help.
The best answer to your question is, "It depends."
The profit really depends on your individual situation. You need to take the following into account:
1 - Equipment: Are you planning on running ASICs, GPUs, CPUs, and/or thumb drive miners? 99% percent of people say only ASICs and GPUs are profitable, again that depends on what miner or equipment your running.
2 - Electricity Cost: What is your average cost per Kw? Across America i think the average is $0.11 per Kw. Most mining calculators such as Coinwarz.com or Nicehash.com use a standard price of $0.10 per Kw.
3 - Currency/Algorithm being Mined: What do you plan on mining? What is the current market for that currency? What is the difficulty rate? What is the rate of difficuly increase for the giving currency?
4 - Market rates: What is the current price of your currency?
These are just a few of the main things you need to take into consideration before buying a miner. Beyond that you need space, a way to dissapate the heat from the miner, provide the proper electricity to the miner, a way to deal with the noise from the miner, and much more.
I personally think mining is profitable but it does take a serious initial investment that you may not see a return on for 12 months. The potential is there to make a fair bit of money, but don't quit your day job and don't invest any money you can't afford to loose
The profit really depends on your individual situation. You need to take the following into account:
1 - Equipment: Are you planning on running ASICs, GPUs, CPUs, and/or thumb drive miners? 99% percent of people say only ASICs and GPUs are profitable, again that depends on what miner or equipment your running.
2 - Electricity Cost: What is your average cost per Kw? Across America i think the average is $0.11 per Kw. Most mining calculators such as Coinwarz.com or Nicehash.com use a standard price of $0.10 per Kw.
3 - Currency/Algorithm being Mined: What do you plan on mining? What is the current market for that currency? What is the difficulty rate? What is the rate of difficuly increase for the giving currency?
4 - Market rates: What is the current price of your currency?
These are just a few of the main things you need to take into consideration before buying a miner. Beyond that you need space, a way to dissapate the heat from the miner, provide the proper electricity to the miner, a way to deal with the noise from the miner, and much more.
I personally think mining is profitable but it does take a serious initial investment that you may not see a return on for 12 months. The potential is there to make a fair bit of money, but don't quit your day job and don't invest any money you can't afford to loose
1, choose the equipments that fits for your capital and make sure that the durability is good to work it for long period of time.
2. If you have enough capital to buy equipments need to consider the electricity rate in your area to be sure that all coins you mine is giving you good profit and not all income will goes to electricity.
3. Make sure you thats the coin you mine with high volume of demand.
4. Finally if you already coins do not sell it rush, just wait for the right time and make the coins at the higher value.
